(November 28, 2007) When the World Bank staff staged a coup against then-President Paul Wolfowitz earlier this year, The Wall Street Journal editorials argued that one motivation was to stop his anti-corruption fight. Now The WSJ describes “another backroom putsch,” this time against Suzanne Rich Folsom, the head of the bank’s anticorruption unit (INT, or department of institutional integrity).
Equitable subordination, fraudulent transfer, and sovereign debt
(November 27, 2007) There is a growing body of scholarship that attempts to identify workable mechanisms to enable sovereigns to repudiate ‘odious’ sovereign debt – obligations incurred by sovereign regimes that provide no corresponding benefit to the sovereign debtor itself.
Canada’s PM right to take tough stance on China
(November 27, 2007) Canadian Prime Minister Stephen Harper’s outspoken criticism of China’s human-rights record will not hurt Canadian business opportunities, say Canada’s business leaders; a new survey finds big business supports Harper’s stance and believes it will produce benefits in the long-run.
Equitable subordination, fraudulent transfer, and sovereign debt
(November 27, 2007) There is a growing body of scholarship that attempts to identify workable mechanisms to enable sovereigns to repudiate ‘odious’ sovereign debt – obligations incurred by sovereign regimes that provide no corresponding benefit to the sovereign debtor itself.
Patricia Adams Review: Partially odious debts? A framework for an optimal liability regime
(November 20, 2007) This provocative paper is sure to raise the ire of a civil society that wants Third World debts canceled because of their illegitimacy. But it won’t make the lenders who want "no fault" debt forgiveness (courtesy of Northern taxpayers) happy either. Instead, authors Ben-Shahar and Gulati push the legal envelope of "how to" resolve the Third World debt quagmire and in doing so, empower odious debt advocates with more legal fight than ever before.
World Bank vetoes $232 million loan due to corruption fears
(November 20, 2007) The World Bank’s veto of a $232 million loan to the Philippines suggests a continued divide over corruption issues within the organization, The Wall Street Journal
Testimony in landmark debt cancellation bill
(November 20, 2007) Neil Watkins, National Coordinator of Jubilee USA Network, testified before the Congressional House Committee on Financial Services considering the Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2007, earlier this month.
REVIEW: Partially odious debts? A framework for an optimal liability regime
(November 20, 2007) This provocative paper is sure to raise the ire of a civil society that wants Third World debts canceled because of their illegitimacy. But it won’t make the lenders who want "no fault" debt forgiveness (courtesy of Northern taxpayers) happy either. Instead, authors Ben-Shahar and Gulati push the legal envelope of "how to" resolve the Third World debt quagmire and in doing so, empower odious debt advocates with more legal fight than ever before.
Odious debts or odious regimes?
(November 7, 2007) Current odious debt doctrine Рusing the term “doctrine” loosely, since it has never formally been adopted by a court or international decision maker – dates back to a 1927 treatise by a wandering Russian academic named Alexander Sack.
REVIEW of “Odious debts: the terms of the debate” by Jeff King
(November 2, 2007) This is Jeff King’s second major work on the doctrine of odious debts, the first being the landmark study he produced with Ashfaq Khalfan and Bryan Thomas on behalf of the Centre for International Sustainable Development Law at McGill University in 2001 (and finalized in 2003). Like the first, this one is full of important legal history and arguments that odious debt advocates will want to know.
British public spending head exploits public purse
(October 28, 2007) Sir John Bourn, chief investigator of Britain’s public spending body, the National Audit Office, has himself come under public scrutiny for allegations of lavish spending, paid for by the public purse.
World Bank’s odious debts paper needs review, say NGOs
(October 26, 2007) The World Bank should conduct a "full, independent peer review" on the odious debts discussion paper it released last month, say an alliance of civil society NGOs that includes Eurodad and the Jubilee Debt Campaign. The alliance, in a letter sent to the bank in early October, call the paper "far below what is needed" and argue not only that the paper is one-sided, but that it is missing significant sources and arguments. It further states that the paper is "largely dismissive of the concept of odious debt" and "omits important cases where the concept has been recognized."
REVIEW The concept of odious debt in public international law
(October 26, 2007) The Norwegian government has funded two studies looking into the concept of odious debts. One was conducted by the World Bank, the other by University of Michigan international economic law expert, Professor Howse.
Legal scholars set to change the world
(October 20, 2007) In November 2004, Paris Club creditors canceled an unprecedented 80% of the debts they had lent to the regime of Saddam Hussein, catapulting the development of the Doctrine of Odious Debts forward. Now, legal scholars are identifying the many legal principles and precedents supporting lender liability and ensuring that odious debts are never created again.
REVIEW The dilemma of odious debts
(October 20, 2007) If you haven’t read this paper (it’s been circulating on the Internet for some months and is posted here in abstract) then you’re in for a treat. Entertaining, clear and compelling, “The Dilemma of Odious Debts” is an unusual entry to the canon because the authors argue that while challenging odious debts under public international law is most likely hopeless, resorting to private domestic law is very hopeful.
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